ThinkMarkets Review

ThinkMarkets is a forex and CFD trading broker. They give traders access to a wide variety of instruments in several markets like currencies, indices and commodities. For traders interested in cryptocurrencies like Bitcoin, ThinkMarkets offers cryptocurrency CFDs.

Pros

Segregates client funds

Established in 2010

Regulated by Financial Conduct Authority and ASIC

Min. deposit from
$250

Cons

Limited range of instruments

To open a live account, you’ll need a minimum deposit of at least $250. Alternatively, ThinkMarkets offers
a demo account
that you can use to practice and familiarise yourself with their platform.

Regulated by the Financial Conduct Authority, UK (FRN: 629628), and ASIC (AFSL #424700). ThinkMarkets puts all client funds in a segregated bank account and uses tier-1 banks for this. ThinkMarkets has been established since 2010, and have a head office in Australia.

Before we dive into some of the more detailed aspects of ThinkMarkets’s
spreads, fees, platforms and trading features, you may want to open ThinkMarkets’s
website in a new tab by clicking the button below in order to see the latest information directly from ThinkMarkets.

What are ThinkMarkets's spreads & fees?

Like most brokers, ThinkMarkets takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

The commisions and spreads displayed below are based on the minimum spreads listed on ThinkMarkets’s website.
The colour bars show how competitive ThinkMarkets's spreads are in comparison to other popular brokers featured on BrokerNotes.

ThinkMarkets

EUR/USD(Average: 0.7 pips)

0.5 pips + $0.00

0.7 pips

0.1 pips

GBP/USD(Average: 1.1 pips)

1.2 pips + $0.00

1.7 pips

0.1 pips

USD/JPY(Average: 1.1 pips)

1.0 pips + $0.00

0.6 pips

0.1 pips

AUD/USD(Average: 0.8 pips)

0.8 pips + $0.00

0.6 pips

0.2 pips

USD/CHF(Average: 2.3 pips)

1.0 pips + $0.00

2.3 pips

0.2 pips

USD/CAD(Average: 2.9 pips)

0.9 pips + $0.00

0.5 pips

0.3 pips

NZD/USD(Average: 3.6 pips)

2.0 pips + $0.00

2.8 pips

0.3 pips

EUR/GBP(Average: 2.4 pips)

1.0 pips + $0.00

0.5 pips

0.1 pips

Spreads are dynamic and are for informational purposes only.

As you can see, ThinkMarkets’s minimum spread for trading EUR/USD is 0.5 pips - which is relatively low compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with ThinkMarkets vs. similar brokers.

How much does ThinkMarkets charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with ThinkMarkets at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $9.37. Here’s a rough breakdown of the fees and how this compares against XTB & AvaTrade .

All fees/prices are for informational purposes and are subject to change.

What can you trade with ThinkMarkets?

ThinkMarkets offers over 50 different instruments to trade, including over 34 currency pairs. We’ve summarised all of the different types of instruments offered by ThinkMarkets below, along with the instruments offered by XTB and AvaTrade for comparison.

What’s the ThinkMarkets trading experience like?

1) Platforms and apps

ThinkMarkets is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5. To see how the two platforms compare, you can read our comparison of MT4 vs MT5 here. The combination of downloadable platforms for both Mac and Windows allows traders to trade with their device of choice.

ThinkMarkets also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

Still not sure?

2) Executing Trades

ThinkMarkets allows you to execute a minimum trade of 0.01 Lot. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As ThinkMarkets offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.

As a market maker, ThinkMarkets may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.

As a nice bonus, ThinkMarkets are one of very few brokers that claim to have no requotes, so you don’t have to worry about slippage (your trades being ordered at a different price to what you executed them at).

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

Finally, we’ve listed some of the popular funding methods that ThinkMarkets offers its traders below.

Trading Features:

Allows scalping

Allows hedging

Offers STP

Low min deposit

Accounts offered:

Demo account

Mini account

Standard account

Zero spread account

Islamic account

Funding methods:

Credit cards

Bank Transfer

Payoneer

Neteller

3) Client support

ThinkMarkets support a wide range of languages including English, Chinese, and Japanese.

ThinkMarkets has a BrokerNotes double AA support rating because ThinkMarkets offer over three languages

4) What you’ll need to open an account with ThinkMarkets

As ThinkMarkets is regulated by Financial Conduct Authority and ASIC , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

A scanned colour copy of your passport, driving license or national ID

A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore ThinkMarkets’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

Marcus founded BrokerNotes in 2014 after trying hard to find a broker for himself to trade and struggling to compare brokers like-for-like. You can find more about BrokerNotes & Marcus here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results. This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.thinkmarkets.com on 01/06/2020.

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